Some States Require Mediation And/or Arbitration for Certain Civil Cases

question 19

Multiple Choice

Some states require mediation and/or arbitration for certain civil cases, while in other states alternative dispute resolution methods are voluntary. Under the terms of a written contract, who chooses an arbitrator?

• A) both parties
• B) the defendant
• C) the plaintiff
• D) the American Mediation Association
• E) the American Arbitration Association

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Definitions:

Bond Buyer

An investor who purchases bonds, which are securities that represent a loan made by the investor to the bond issuer.

Saving Rate

The proportion of disposable income that is not spent on consumption but reserved for future use or investment.

Living Standards

refer to the quality and quantity of goods and services available to individuals or societies, reflecting their economic prosperity and quality of life.

Financial System

The group of institutions in the economy that help to match one person’s saving with another person’s investment